There is no mystery to furnishing an HMO but in a saturated market, you need to stand out. One thing you should think about is the bed you provide. A smaller bed will discourage your tenants from letting another person stay in the room with them, a scenario that could land a licensed landlord in trouble.
Property Expert Series: Dale Wild from Pegasus Property Investments & Landlord Co.
- Part 1: Introducing Dale Wild from Pegasus Investments and Landlord Furniture Co.
- Part 2: What Projects Are Pegasus Investments Working On and Why?
- Part 3: What Is An HMO?
- Part 4: What Furniture Should You be Providing in an HMO?
- Part 5: What Colour Schemes Work Best for HMOs?
- Part 6: Is it Better to Put Up Blinds or Curtains in an HMO?
- Part 7: What Type of Beds Should Investors Use in Their HMOs?
- Part 8: How Much Should a Landlord Budget to Furnish an HMO?
- Part 9: How to Give Your HMOs the WOW Factor
- Part 10: How To Invest in HMOs
- Part 11: What Do Landlords Need to Know About HMO Licensing?
- Part 12: What Has Been Your Biggest Mistake in Property Investment?
- Part 13: What Has Been Your Biggest Win in Property?
- Part 14: How Does the Cashflow from HMOs Compare to Buy-to-Lets?
Furniture for HMOs
Amy: What sort of furniture should you be providing in an HMO as standard, would you say?
Dale: As standard, our main furniture pack that goes out has a four-foot double bed.
A lot of landlords choose the four-foot bed. This is especially true for licensed landlords who have a single occupancy licence per room.
So, if it's got five-person HMO then only five people can live there.
With a four-foot bed, you're less inclined to invite your girlfriend over.
Amy: To move in.
Dale: To move in. "Come and move into my house, it's great. I've got one bedroom and that's it."
So, double wardrobe, a chest, a bedside table. Quite a few people include desks as well. And then the trick is just to decorate the place nicely with a good finish so people want to live there.
I genuinely think everything in the property game is a people's game, you work with people.
And when someone walks in, if you've got nice friendly face... Maybe I shouldn't do any viewings then.
If the service is great from start to finish, then they get to see the room and go, 'Wow, this is really good'.
"The landlord seems a good egg and the agent seems like a good person."
It kind of sells itself.
Amy: And you've got to go a little bit over-and-above now. Like we've talked in previous videos about the saturation that some places are seeing with houses of multiple occupancy.
You need to have a bit of a wow factor with your HMOs. You need to make them look nice.
It's not enough to just let out a room and leave it empty and hope for the best, in some areas anyway, it's getting very saturated.
I know your properties always stand out and there are a few different things you do and a few different bits of furniture that jazz things up a bit and I think that's really important.
Learn how to quickly build a long-term, profitable property portfolio of ten houses with our free online course, containing effective strategies and techniques, collected over decades investing in property.
This training is suitable for investors of all levels so whether you are starting from scratch or want to know how to scale your property business there is something in there for you. Simply click the link below to find out more.
It's completely free and takes just a minute to sign up.